2017 REGISTRATION DOCUMENT

BOURBON 2017 Registration Document 167 CONSOLIDATED FINANCIAL STATEMENTS Notes to the consolidated financial statements 4 5.4 SIGNIFICANT EVENTS AFTER THE END OF THE REPORTING PERIOD A sale and finance lease back contract worth €50 million for five Abeilles vessels entered into force in January 2018 for a period of 10 years, to replace the financing obtained in July 2017 for these same vessels under less favorable conditions. Moreover, on February 12, 2018, BOURBON Corporation’s Board of Directors approved the new strategic action plan – #BOURBONINMOTION – initiated at the end of 2017. It should enable the Group to meet the need for competitiveness and to respond to customers’ new demands, in the context of a market that has challenged all market players in the Oil & Gas industry. BOURBON’s goal is to accelerate its transformation and prepare for the expected recovery (see note 2.1). As announced in its annual results press release dated March 15, 2018, BOURBON has initiated discussions with its main financial partners, both in France and abroad, in order to balance the servicing of its debt with the expected gradual market recovery and the corresponding upturn in the group’s performance. As a consequence, a general waiver should be finalized with BOURBON’s leasers and debt holders in order to allow the group to withhold all payments. Aiming at enabling all parties to negotiate quickly within a secured legal framework, this general waiver, that the group is confident to obtain, also demonstrates the goodwill of all parties to achieve a satisfactory debt reshaping. In this context, the group has suspended servicing both its leases and debt commitments, during the negotiation period. This allows BOURBON to focus on its operational priorities and market turnaround and should encourage all parties to make negotiations as short as possible. The group continues to implement its #BOURBONINMOTION strategic plan, notably through its “Smart Shipping” program and re- activation of vessels, thanks to a preserved cash situation. As part of the abovementioned negotiation, BOURBON has requested the consent of the general meeting of the Bondholders to defer by one year the next interest payment date due under the Bonds for an approximate amount of €3.9 million due on April 24, 2018 on April 24, 2019, which shall bear interest from October 24, 2018 (included) to April 24, 2019 (excluded) at the rate corresponding to the applicable rate to the Bonds. The general meeting held on April 20 has authorized BOURBON to postpone this interest payment by one year, demonstrating once again the confidence of its financial partners in its capability to benefit from market recovery and implement the new and innovative strategy #BOURBONINMOTION. The company is confident in its ability to find before year end a balanced solution with all its lenders - often long-standing partners - that suits all parties and allows the company to adapt its financing to its future development. 5.5 RELATED-PARTY TRANSACTIONS Relations with the SINOPACIFIC Group The Chairman of the Board of Directors of BOURBON Corporation is a partner in the naval construction company Sinopacific, through JACCAR Holdings SAS, a subsidiary of Cana Tera S.C.A. Mr. Jacques d’Armand de Chateauvieux is also a Director of Sinopacific. As of December 31, 2017 and 2016, there were current orders for two vessels. Orders amounted to USD72.4 million with prepayments generated of USD45.6 million, covered up to USD36.5 million by installment return guarantees granted by Sinopacific. Relations with an executive In December 2014, BOURBON Corporation signed a non- competition agreement with Mr. Laurent Renard, Executive Vice President Finance and Administration at BOURBON Corporation who has decided to retire, with the intent of preserving the legitimate interests of the Company and its subsidiaries. This agreement, which took effect on January 1, 2015, involves the payment in installments of a sum of €300,000 to take place at the latest on January 31, 2016, January 31, 2017 and January 31, 2018. In 2017, a second installment of €110,000 gross was paid. Relations with JACCAR Holdings A Cash Management Agreement was signed between BOURBON through one of its subsidiaries, JACCAR Holdings SAS (which company is a shareholder of BOURBON). As of December 31, 2017, the amount of the advance including interest granted to BOURBON was €16.8 million.